EUR/USD update (29th Aug 2012, 12:30)

The euro was little-changed against the US dollar on Wednesday morning, although it continued to hover near an eight-week high versus its American counterpart.

Given that his comments in July were the spark for a rally across most markets, the lack of reaction to his op-ed in the German magazine Die Zeit is remarkable. Mr Draghi said that the ECB would do whatever was necessary to ensure price stability (a favourite refrain of his predecessor, Jean-Claude Trichet). He added that exceptional measures might be required occasionally and that fulfilling its mandate sometimes involved operations that went beyond the standard tools of monetary policy. Although the euro moved to session highs versus the dollar after his comments, it quickly fell back again.

German CPI data at 1pm (London time) today will provide some excitement, but as the Bernanke speech at Jackson Hole gets ever-closer, we are likely to see trading quieten down yet further.